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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Goa Carbon resumes operations at its Paradeep unit
May 08,2017

Goa Carbon announced that operations have been resumed at the Companys Paradeep Unit located at Vill. Udayabata, Paradeep. Dist. Jagatsinghpur, Odisha since 08 May 2017. The Company had previously shut down the unit for regular maintenance.

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Board of NIIT Technologies recommends final dividend
May 08,2017

NIIT Technologies announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 12.5 per equity Share (i.e. 125%) , subject to the approval of the shareholders.

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Apollo Tyres to hold AGM
May 08,2017

Apollo Tyres announced that the 44th Annual General Meeting (AGM) of the company will be held on 5 July 2017.

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Kanco Enterprises to hold board meeting
May 08,2017

Kanco Enterprises will hold a meeting of the Board of Directors of the Company on 15 May 2017, to consider appointment of Company Secretary.

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Board of Apollo Tyres recommends final dividend
May 08,2017

Apollo Tyres announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 300%) , subject to the approval of the shareholders.

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Board of Eicher Motors recommends final dividend
May 08,2017

Eicher Motors announced that the Board of Directors of the Company at its meeting held on 5 May 2017, inter alia, have recommended the final dividend of Rs 100 per equity Share (i.e. 1000%) , subject to the approval of the shareholders.

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Steel Strips Wheels bags export order
May 08,2017

Steel Strips Wheels has bagged a repeat export order for supply of approx. 12000 steel wheels for EU Caravan market, in a period of 3 months.

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New Delhi Television intimates of demise of director
May 08,2017

New Delhi Television announced the sad demise of Amal Ganguli, Non-Executive Independent Director of the Company on 08 May 2017.

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DIPP & WIPO to set up Technology and Innovation Support Centers
May 08,2017

The Department of Industrial Policy and Promotion (DIPP) and World Intellectual Property Organization (WIPO) have signed an agreement to establish Technology and Innovation Support Centers (TISC).

WIPOs Technology and Innovation Support Centers (TISC) program provides innovators in developing countries with access to locally based, high quality technology information and related services, helping them to exploit their innovative potential and to create, protect, and manage their intellectual property (IP) rights.

Services offered by TISCs may include:

n++ Access to online patent and non-patent (scientific and technical) resources and IP-related publications;

n++ Assistance in searching and retrieving technology information;

n++ Training in database search;

n++ On-demand searches (novelty, state-of-the-art and infringement);

n++ Monitoring technology and competitors;

n++ Basic information on industrial property laws, management and strategy, and technology commercialization and marketing.

The Cell for IPR Promotion and Management (CIPAM) is designated as the National Focal point for the TISC national network. As the national focal point, CIPAM shall identify potential host institutions, assess their capacities and support them in joining the TISC project. CIPAM will also act as the main intermediary between WIPO and TISC host institutions and coordinate all the activities of the national TISC network.

Over 500TISCs operate worldwide and establishing TISC in India will give the host institutions access to the Global network. In upcoming years CIPAM is planning to establish TISCs in Universities, State Science Councils, R&D institutions etc. TISC will give an impetus to Knowledge sharing, sharing of best practices among the TISCs, capacity building, generation and commercialization of IPs

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Maruti Suzuki India intimates of demise of director
May 08,2017

Maruti Suzuki India announced that Amal Ganguli, an Independent Director of the Company passed away on 08 May 2017 after a prolonged illness.

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Board of Universal Autofoundry accepts resignation of director
May 08,2017

Universal Autofoundry announced that the Board of Directors of the Company at its meeting held on 08 May 2017 has approved the following -

Accepted the resignation of Vikram Jain, Director with effect from 01 May 2017.

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Ambuja Cements leads gainers on BSEs A group
May 08,2017

Ambuja Cements rose 7.27% at Rs 264.20. The stock topped the gainers in A group. On the BSE, 18.21 lakh shares were traded on the counter so far as against the average daily volumes of 3.36 lakh shares in the past two weeks.

Indiabulls Real Estate rose 7.05% at Rs 162.50. The stock was the second biggest gainer in A group. On the BSE, 18.09 lakh shares were traded on the counter so far as against the average daily volumes of 59.97 lakh shares in the past two weeks.

Housing Development & Infrastructure (HDIL) rose 5.67% at Rs 91.25. The stock was the third biggest gainer in A group. On the BSE, 14.30 lakh shares were traded on the counter so far as against the average daily volumes of 22.74 lakh shares in the past two weeks.

DLF rose 4.55% at Rs 194.15. The stock was the fourth biggest gainer in A group. On the BSE, 8.59 lakh shares were traded on the counter so far as against the average daily volumes of 13.93 lakh shares in the past two weeks.

SREI Infrastructure Finance rose 4.94% at Rs 108.40. The stock was the fifth biggest gainer in A group. On the BSE, 5.24 lakh shares were traded on the counter so far as against the average daily volumes of 6.95 lakh shares in the past two weeks.

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Volumes jump at Gillette India counter
May 08,2017

Gillette India clocked volume of 10,000 shares by 13:03 IST on BSE, a 17.33-times surge over two-week average daily volume of 1,000 shares. The stock jumped 8.42% to Rs 4,779.60.

Walchandnagar Industries notched up volume of 3.28 lakh shares, a 11.76-fold surge over two-week average daily volume of 28,000 shares. The stock rose 9.85% to Rs 162.30.

Eros International Media saw volume of 18.83 lakh shares, a 7.53-fold surge over two-week average daily volume of 2.50 lakh shares. The stock rose 4.59% to Rs 227.85.

Ambuja Cements clocked volume of 17.77 lakh shares, a 5.29-fold surge over two-week average daily volume of 3.36 lakh shares. The stock rose 6.74% to Rs 262.90.

HCL Technologies saw volume of 2.46 lakh shares, a 3.70-fold rise over two-week average daily volume of 67,000 shares. The stock rose 0.56% to Rs 832.20.

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Chambal Fertilisers & Chemicals resumes operations at Gadepan - II
May 08,2017

Chambal Fertilisers & Chemicals announced that it has resumed operations at its plant at Gadepan, District Kota, Rajasthan on 07 May 2017.

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NAFED procures more than 8.76 Lakh MTs of Pulses in 2016-17
May 08,2017

NAFED, a National Level Cooperative Marketing Federation of India, has set a record of procurement of Pulses and Oilseeds during the year 2016-17. NAFED has emerged as the leading agency of the Government of India for undertaking procurement of Pulses and Oilseeds in the country. During the financial year just ended, it has achieved procurement of more than 8.76 Lakh MTs of Pulses (Gram 0.20 Lakh MTs, Masoor 0.03 Lakh MTs, Moong 1.29 Lakh MTs, Urad 0.59 MTs and Toor 6.65 Lakh MTs) and more than 2.20 Lakh MTs of Groundnut, Copra and other oilseeds and benefitted the farming community at large by providing them remunerative price for their produce and helping the country in creating buffer stocks and stabilizing the prices of Pulses and Oilseeds.

NAFED has also started disposal of the buffer stocks. A substantial quantity would be supplied to Para-military forces and Defence Sector and also State Government as per their requirements under PDS and other such schemes.

NAFED has undertaken procurement of various commodities to the tune of Rs 5916.00 Crore approximately in this year and earned tentative profit of Rs. 106.00 Crore before interest which is the highest in the last decade and helped turn around financially. The Federation has strongly positioned itself as the n++Pulse Armn++ of the Government.

During the current year also, procurement of Rabi Oilseeds and Pulses such as Mustard seeds, Sunflower seed, Gram, Masoor etc. has started and NAFED has already procured 2.95 Lakh MTs upto 30th April, 2017.

The Financial Package for NAFED is also under active consideration of the Govt. of India and it is likely that a CCEA note would be placed in May, 2017 for approval of the Cabinet.

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